West Living Acquires Two Senior Living Communities in All-Cash Deals

West Living LLC has acquired McDowell Village, a 197-unit independent living community in Scottsdale, Ariz., and Castle Hill Retirement Village, a 146-unit independent and assisted living community in Thousand Oaks, Calif. for an undisclosed sum.

The all-cash transactions completed in January mark the debut of West Living as a seniors housing owner. The company is currently developing two communities in Carlsbad and La Quinta, Calif., both slated to open in 2013. West Living has partnered with Seattle-based Leisure Care to manage the day-to-day operations and activities at both communities.

Developed by Phoenix-based Opus West Corp. in 2006, McDowell Village was initially successful in lease-up as a senior apartment community without offering any assisted living services. However, as occupancy reached a plateau at 70%, it became clear that a majority of residents moving out of McDowell Village were in need of a higher level of care, according to West Living officials. West Living is converting 40 of the units at McDowell Village to assisted living units.

Castle Hill Retirement Village features 146 units comprised of 48 units in eight garden-style apartment buildings and 98 assisted living and independent apartments in the main building. The community is situated on a 6.5-acre tree-lined campus in Thousand Oaks, a suburb of Los Angeles. Also included in the Castle Hill purchase is an adjacent 1.8-acre parcel that provides expansion possibilities.

"This acquisition highlights our ability to identify value, close quickly and with certainty, particularly in this period of limited financing,” says Tom Lombardi, director of investments for West Living.